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Ecuador launches oil and gas bidding round

The Ministry of Oil of Ecuador has launched a bidding round for four oil fields in the eastern Amazon region and one gas field in the gulf of Guayaquil, in an attempt to raise oil and gas production. The four oil fields, namely Cuyabeno-Sansahuari, Yuralpa, Oso and Blanca-Vinita, currently produce 36,300 bbl/d, while the Amistad gas field produces 39 mcf/d (1.1 mcm/d); the government expects to raise their oil production by around 15,000 bbl/d and gas production by 11 mcf/d (0.3 mcm/d). The auction process should be completed in June 2018 and winners will be awarded 10-year service contracts with payments linked to global oil prices.



Ecuador expects to attract foreign companies and to raise US$800m from the auction. The OPEC member is currently producing below its production quota and aims to boost output. It plans to raise crude oil production by 80 kb/d in 2018, by adding production from the Amazon area.